As I understand, that's what production planning systems can do. That's
not what Project is about. Project is calculation engine that computes
project schedules. I can see how to model this scenerio in a project
that depends the probability of the quality test (or tests) failing and
the change in execution that results; thus see what impact that has on
the computed end date and cost of a project that depends on that quality
testing.
And I guess I can sort of see how a batch production is like a project
(has a beginning, middle, and end). So, with Monte Carlo simulation,
you could get a handle on the design time and cost of a batch process.
But it would be just that--assisting in designing the batch process
(fine tuning, optimising, etc. based on modelling). However, Project is
not an ideal tool for doing production planning/modelling, but it's
better than starting from a blank sheet of paper. To avoid the need for
doing time based computations, I'd give it a shot; but I wouldn't make
any promises until tried and proven.